You are here » Home » Companies » Company Overview » RSL Textiles (India) Ltd

RSL Textiles (India) Ltd.

BSE: 532463 Sector: Industrials
NSE: N.A. ISIN Code: INE259F01013
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

RSL Textiles (India) Ltd. (RSLTEXTILES) - Auditors Report

Company auditors report

RSL TEXTILES (INDIA) LIMITED ANNUAL REPORT 2001-2002 AUDITOR'S REPORT TO THE MEMBERS OF RSL TEXTILES (INDIA) LIMITED KUNIAMUTHUR POST, COIMBATORE - 641 008. I have audited the attached Balance Sheet of RSL Textiles (India) Limited, Kuniamuthur, Coimbatore 641008 as at 31st March 2002 and the Profit and Loss Account of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. 1. As required by the Manufacturing and Other Companies (Auditors Report) Order, 1988 issued by the Company Law Board in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said Order. 2. Further to my comments in the annexure referred to in paragraph one above, I report that:- a) I have obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit. b) In my opinion proper books of account as required by law have been kept by the company so for as appears from my examination of such books. c) The Balance Sheet and Profit and Loss Account referred to in this report are in agreement with the books of account. d) In my opinion, the Profit & Loss Account and Balance Sheet are in compliance with the Accounting Standards as referred to in Section 211(3C) of the Companies Act, 1956. e) In my opinion and to the best of information and according to the explanations given to me the said Balance Sheet and Profit and Loss Account read together with the notes thereon give the information required by the Companies Act, 1956, in the manner so required and subject to non provision of Gratuity liability give a true and fair view: f) On the basis of written representations received from the directors, as on 31st March 2002, and taken on record by the Board of directors, we report that none of the directors is disqualified as on 31st March 2002 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the companies Act, 1956 (g) In my opinion and to the best of my information and according to the explanations given to me, the said accounts give the information required by the companies Act 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) In the case of Balance sheet, of the state of affairs of the company as at 31st March 2002. (b) In the case of Profit and Loss account, of the Profit for the year ended on that date. Place : Coimbatore V.S. SAPTHARISHI Date : 26.11.02 CHARTERED ACCOUNTANT ANNEXURE TO AUDITOR'S REPORT RSL TEXTILES (INDIA) LIMITED, COIMBATORE-641 008. 1. The company has maintained proper records to show full particulars including quantitative details and situation of fixed assets. I have been informed that the Company has formulated a programme of physical verification of all the fixed assets, over a period of three years, which in my opinion is reasonable. Accordingly, physical verification of fixed assets has been carried out by the management during the year and no material discrepancies were noticed on such verification. 2. None of the fixed assets has been revalued during the year. 3. The stock of finished goods, raw materials and spare parts have been physically verified during the year by the management. In my opinion the frequency of verification is reasonable. 4. The procedures for physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. 5. The discrepancies noticed on verifications between physical stock and book records were not material and the same have been properly dealt with in the books of account. 6. On the basis of my examination of stock records, I am of the opinion that the valuation of stock is fair and proper in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. In my opinion the rate of interest and other terms and conditions on which loans have been taken from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company. The company has not taken any loans from companies under the same management as defined under sub-section (1-B) of erstwhile Section 370 of the Companies Act, 1956. 8. In my opinion the rate of interest and other terms and conditions on which loans have been granted to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company. The company has not granted any loans to companies under the same management as defined under sub-section (1-B) of erstwhile Section 370 of the Companies Act, 1956. 9. In respect of interest free loans and advances in the nature of loans given by the company to its employees, the repayments thereof are as stipulated. 10. In my opinion and according to the information and explanations given to me, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, with regard to purchase of stores, raw materials, plant and machinery, equipment and other assets and with regard to sale of goods. 11. In my opinion and according to the information and explanations given to me, the transactions of purchase of goods and materials and services made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956, and aggregating during the year to Rs.50,000/or more in respect of each party, have been made at prices which are reasonable having regard to prevailing market prices for such goods, materials or services or the prices of which transactions for similar goods have been made with other parties. 12. As explained to me the company has a regular procedure for the determination of unserviceable or damaged stores, raw materials or finished goods and necessary provision thereof has been made in accounts. 13. The company has accepted deposits from the employees and ex-employees during the year. In my opinion and according to the information and explanations given to us the company has complied with the provisions of Section 58(A) of the Companies Act, 1956, and the rules framed thereunder. 14. The company is maintaining reasonable records for the sale and disposal of realisable by-products and scrap. 15. In my opinion, the company has an internal audit system commensurate with the size and nature of its business. 16. The Central Government has prescribed maintenance of cost records under 209 (1) (d) of the Companies Act, 1956, for Textile. I have broadly reviewed the books of accounts maintained by the company in pursuance to the order made by the Central Government for the maintenance of Cost Records under Section 209 (1) (d) of the Companies Act, 1956 and in my opinion, prima facie the prescribed accounts and records have been maintained. I have not however made a detailed examination of those records with a view to determining whether they are accurate or complete. 17. According to the records of the Company, Provident Fund and Employees State Insurance dues have been deposited belatedly during the year with the appropriate authorities. Provident Fund dues of Rs. 92.09 lacs and ESI dues of Rs. 37.75 lacs remain unpaid as at 31st March 2002. Out of these Rs. 34.93 lacs has been deposited subsequently. 18. According to the information and explanations given to me, there are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty outstanding as at 31st March 2002 for a period of more than six months from the date they became payable. 19. According to the information and explanations given to me, no personal expenses of employees or directors have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practice. 20. The company is not a Sick Industrial Company within the meaning of Clause (O) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. Place : Coimbatore V.S. SAPTHARISHI Date : 26.11.02 CHARTERED ACCOUNTANT